Personal insolvency

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Personal Insolvency Advice

At MJ Kane Accountancy, we are experts in Personal Insolvency processes in the UK. Our team of experienced professionals have a deep understanding of the complex regulations and laws surrounding personal insolvency, and we are dedicated to assisting individuals navigate this difficult process as smoothly and efficiently as possible.

We understand that financial difficulties can be a stressful and overwhelming experience, and we are here to provide you with the support and guidance you need to get back on track. Whether you are facing bankruptcy, an IVA (Individual Voluntary Arrangement), or another form of personal insolvency, our team will work closely with you to understand your unique situation to meet your needs.

We pride ourselves on our commitment to our clients, and we will always put your best interests first. We are dedicated to helping you find a solution that allows you to move forward and start rebuilding your financial future.

If you are facing personal insolvency, don’t hesitate to contact us. Our team is here to help and support you every step of the way.

How our Accountants can help you!

  • Our support areas
    • Comprehensive support on all types of personal insolvency options, including bankruptcy, IVAs, and Debt Relief Orders
    • Assistance with the preparation of necessary paperwork and documentation
    • Ongoing support and guidance throughout the entire process
  • What is the difference between Bankruptcy, IVAs, and Debt Relief Orders?

    Bankruptcy, IVAs, and Debt Relief Orders are all forms of personal insolvency in the UK, but they are each designed to address different types of financial situations and have distinct eligibility requirements and consequences.

    • Bankruptcy is a legal process that allows individuals who are unable to pay their debts to have those debts discharged by a court. Once an individual is declared bankrupt, their assets are sold to repay creditors, and any remaining unsecured debts are written off. However, bankruptcy can have serious consequences, such as restrictions on obtaining credit and the loss of certain assets.
    • An IVA (Individual Voluntary Arrangement) is an agreement between an individual and their creditors to repay their debts over a fixed period of time, usually five years. IVAs are typically used as an alternative to bankruptcy, as they allow individuals to keep their assets and avoid some of the more severe consequences of bankruptcy. However, they also require a certain level of disposable income and would require a individual to make regular payments over a period of time.
    • A Debt Relief Order (DRO) is a relatively new form of personal insolvency that is designed for individuals with very low levels of debt and income. A DRO allows individuals to have their unsecured debts discharged if they meet certain criteria, such as having less than £20,000 in debt, less than £50 in disposable income per month, and no assets that could be sold to repay creditors. DROs are a more affordable option than the other two, but they also have more restrictions and are only available for certain individuals.

    It’s important to note that each of these options have their own specific requirements and consequences, thus it’s highly recommended to consult with a professional before making a decision.

Why Use MJ Kane As Your Accountants

Award winning services

8000 plus satisfied clients

100+ years combined industry experience

30+ Countries covered

Fixed Fee Service

Tax efficiency focused

Meet the Team

Meet the Senior Management Team

Michael Kane

Founder | Managing Partner

SME Tax Compliance | Tax Planning | Business Development

FCCA Qualified

MJ Kane

Director | Senior Accountant

SME Tax Compliance | Crypto Taxation Compliance | Business Structuring

ACCA Qualified | BSc Hons Accounting

Jonathon Greenaway

Director | Senior Accountant

SME Tax Compliance | Property Capital Gains | Inheritance Tax

ACCA Qualified | BSc Hons Business Studies

Need help with Accountancy? Call us today: 028 9335 0290

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